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Additional Information

Market:	ASX
Sector:	Oil and Gas Exploration and Production
EPIC:	JPR
Latest Price:	0.65 (-0.76% )
52-week High:	1.11
52-week Low:	0.38
Market Cap:	75.31M

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Jupiter Energy Full Jupiter Energy profile here

Jupiter Energy Limited (ASX: JPR) is an oil exploration and production company with acreage in Kazakhstan.

More hydrocarbon shows overnight for Jupiter Energy in J-50 Well

Tuesday, March 16, 2010

Australian listed, Kazakhstan focused oil and gas exploration junior, Jupiter Energy (ASX: JPR) has recorded more hydrocarbon shows during drilling of J-50 exploration well being drilled on Block 31.

The well is located on Block 31 – which covers 127 square kilometres - in the Mangistau Basin in south-western Kazakhstan, and is located on trend with three existing producing oil fields.

More hydrocarbon shows were recorded overnight from 2855m to 2861m. J-50 well was spudded on 29 December 2009.

The company said it was encouraged by these shows, and whilst the primary objective remains at 2920mRT, this zone will be fully evaluated when the final log suite is run after reaching target depth.

It is still expected that the primary Middle Triassic target will be reached during this week.

The expectation of the company is to put J-50 onto production test in March 2010. It would then be brought onto trial production by July 2010 after a 3 month production test period.

A trial production licence will enable JPR to sell the produced oil into the export market and sales are currently budgeted to commence in July 2010.

Jupiter raised $A2.25m via a placement to largely UK based institutions in February. The placement of 50 million shares at $A0.045 (2.54p) per share was organised through UK brokers Astaire Securities and Westhouse Securities as well as Perth based Indian Ocean Capital Pty Ltd.

Jupiter has been working on developing relationships with UK fund managers wanting to invest in a company that offers near term oil production in Kazakhstan.

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